![]() ![]() ![]() This will allow the company to cross-sell other financial products, including Marcus personal loans or profitable savings accounts to these customers. The collaboration will provide Goldman Sachs an established base of more than 1 million customers. If we compare the numeric figures of these two cards, it is evident that Goldman’s credit card business will boost with the newly announced partnership. At the end of the third quarter of 2020, the Apple Card had a total of $3 billion in loan balances. Currently, the GM credit card is issued by Capital One and has 1+ million cardholders whose yearly expenditure is about $8.5 billion. ![]() The move could help Goldman develop a stronger base in the consumer banking arena. However, the recently-announced partnership hints towards Goldman’s plans to expand the banking card business beyond simply acquiring the existing card accounts. In October 2020, Goldman had agreed to acquire GM’s credit card business for $2.5 billion. Now, the bank has announced Opens a new window a new partnership with General Motors (GM) and Mastercard to develop innovative credit card products. The Apple card was designed to help consumers lead a healthier financial life, as it primarily aimed to revolutionize the credit card experience for its customers. The credit card launch event has been Goldman’s most successful one so far. Goldman Sachs entered into the credit card business after it partnered Opens a new window with Apple for the Apple Card in August 2019. Let’s take a look at what the companies have in mind. and General Motors Co., along with Mastercard, announced the formation of a multi-year partnership to develop new and innovative credit card products that will change the landscape of the credit card business. ![]()
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